The Argus Petroleum Coke index is an assessment of spot market activity for the grades assessed.
Spot activity is defined as transactions or negotiations during the month assessed for delivery within the next 90 days.
We base our assessments on a market consensus of the commodity value.
We consider spot transactions and negotiations at the market in question (as in fob US Gulf coast and US West coast), delivered prices netted back for freight, contract renegotiations, and estimates of market participants.
Forward loading or delivery dates will be considered up to 90 days from the end of the month assessed. Prices for volumes loading or delivering in those 90 days that were negotiated prior to the month assessed will not be considered in the assessment, as they reflect historical not current market fundamentals.
Prices for contracts negotiated in the month assessed but for delivery over a term that spans beyond the next 90 days will not be considered in the assessment.
We are reflecting intelligent index values for the grades assessed: where specifications of actual trades differ from the index, we will seek a market consensus as to how to adjust the traded value to properly inform the index specification. Where actual trades are not available, we will assess the value of the grade by seeking a consensus of participants and considering other connected markets. Where a range is assessed for a particular grade, it reflects the range of trade for that grade in the month assessed. If there is no trade, it reflects the range within which a willing buyer and seller could close a deal. Our survey includes producers, electricity generators, marketers/traders, heavy industry endusers, and other market participants.
Commodity specifications
Petroleum Coke
Fob US Gulf coast
Low sulphur
4.5% maximum sulphur, 40 minimum Hardgrove Index
4.5% maximum sulphur, 70 minimum Hardgrove Index
High sulphur
6.5% maximum sulphur, 40 minimum Hardgrove Index
6.5% maximum sulphur, 70 minimum Hardgrove Index
Fob US west coast
Low sulphur
3.0% maximum sulphur, 45 minimum Hardgrove Index
4.5% maximum sulphur, 45 minimum Hardgrove Index
Delivered Spanish Mediterranean
4.5% maximum sulphur, 40 minimum Hardgrove Index
4.5% maximum sulphur, 70 minimum Hardgrove Index
6.5% maximum sulphur, 40 minimum Hardgrove Index
6.5% maximum sulphur, 70 minimum Hardgrove Index
Delivered Japan
3.0% maximum sulphur, 45 minimum Hardgrove Index
4.5% maximum sulphur, 45 minimum Hardgrove Index
European BTU Comparison
Prices compared on US $ per mmBTU basis and as a percent of coal on a BTU basis. BTU value of coke in calculation is 14,500 BTU's per pound, with a metric ton containing 2,204.62 pounds. BTU value of coal is 11,200 BTU's per pound.
Coal Delivered Spanish Mediterranean
Coal Delivered Northwest Europe
Hard 4.5% Coke Delivered Spanish Mediterranean
Hard 6.5% Coke Delivered Spanish Mediterranean
Hard 4.5% Coke Delivered northwest Europe
Hard 6.5% Coke Delivered northwest Europe
Coal
CAPP Nymex Specification:
Nymex specification SO2 , 12,000 Btu/lb, 1% max sulphur, fob barge on the Big Sandy, quoted for prompt month and prompt quarter.
Cif ARA:
Coal cif Amsterdam/Rotterdam/Antwerp, 6,000 kcal, 1% max sulphur, NAR delivered in next 90 days.
Fob Richards Bay:
Coal fob Richards Bay, South Africa, 6,000 kcal, 1% max sulphur, NAR delivered in next 90 days.
Fob Newcastle:
Coal fob Newcastle, Australia, 6,700 kcal, 1% max sulphur, GAD delivered in next 90 days.
SO2 Allowance Index
The SOPI index is a weekly index that tracks the market price of the Sulfur Dioxide Emission Allowances that are created and distributed through the US Environmental Protection Agency's Acid Rain programme and subsequently traded among utilities and trading companies. The "price" is simply the last brokered trade of a current-vintage allowance recorded during the week before any Monday publication date.
Crude Oil
Maya:
Fob east coast Mexico, 22° API, 550,000 bl waterborne.
ANS:
Alaskan North Slope crude, delivered US west coast, month of arrival, 27° API, 300,000 bl waterborne.
WTI/Maya Spread:
Calculated WTI premium to Maya. WTI fip Cushing, Oklahoma, rateable month, 40° API, 2,500 b/d.
Brent/Dubai Spread:
Calculated Brent premium to Dubai. Brent crude, fob Sullom Voe, first month loading, 500,000 bl, 1700 hours Houston. Dubai crude, fob Dubai, first month of loading, 400,000 bl, 1700 hours Houston. US dollars/bl.
Other Refined Products:
1% fuel oil: 1% max sulphur, 60°F max pour, 300 SSF max viscosity, 10° API min gravity. Waterborne volumes 100,000-350,000 bl, delivered New York Harbor, US dollars/bl including duty.
Asphalt, western Gulf coast:
AC-20 and AC-30 or PG 64-22 and PG 67-22. Grades used may change to include other grades as states move to various PG grades or change their primary grade. Sizes of cargoes are 35,000 bls minimum. Assessments are fob and include US Gulf coast refiners west of the Mississippi and barge sales from Madero, Mexico.
Coke percent of coal:
As of 5 February 2002 issue, this table calculates the coke price as a percent of the coal price using estimated delivered coke prices for Europe and Japan. The US values compare Nymex specification CAPP coal to fob Gulf coast coke. The ARA values compare cif ARA 6,000 kcal coal to cif ARA coke by adding the USGC to ARA freight to the fob USGC coke price. The Japan value compares the price of cif Japan 6,700 kcal coal to cif Japan coke by adding the USWC to Japan freight to the fob USWC coke price. Cfr quotes for Japanese coal are based on current freight added to fob China and fob Newcastle markets.
Coal forward curve:
Represents the level of contango or backwardation in the coal markets by charting the price for forward delivery on the day quoted.
New York BTU Comparison:
Compares the relative values of different fuels on a BTU basis. Conversions for mmBtu per unit are: diesel 5.79/bl, 0.3pc fuel oil 6.258/bl, 1pc fuel oil 6.384/bl, coal 24/short ton (12,000 btu), coke 30.86/metric ton (14,200 btu). New York 0.3% fuel oil is high pour and includes New York taxes. Coal and coke values include cost of sulphur allowances.
Spark Spread:
Indicates the relative profitability of burning various fuels in a northeastern US power plant. The spark spread is the difference between the spot power price and the cost of generating output from a given fuel based on a heat rate of 10,000.
Coal and coke adjusted for SO2 allowances:
A comparison of the true cost of coal and coke at a US electric generating plant after sulphur allowances are included. The spot price of coal and coke is adjusted for the cost of sulphur dioxide emissions, assuming the plant applies sulfur dioxide allowances at the current market price for those allowances. The SO2 index price is listed on page 1 of the report.
Light/Heavy Product Spread:
A measure of the profitability of coking. For the Gulf coast, the spread is the average of prompt 87 octane conventional gasoline and prompt diesel in Houston, less the price of 3pc sulphur fuel oil fob US Gulf coast. For the west coast, the spread is the average of prompt 87 octane CARB gasoline and prompt CARB diesel in Los Angeles, less the price of 380 cst fuel oil in Los Angeles.
US Exports of Non-Calcined Coke:
Source: United States International Trade Commission, http://dataweb.usitc.gov/.
Spot activity is defined as transactions or negotiations during the month assessed for delivery within the next 90 days.
We base our assessments on a market consensus of the commodity value.
We consider spot transactions and negotiations at the market in question (as in fob US Gulf coast and US West coast), delivered prices netted back for freight, contract renegotiations, and estimates of market participants.
Forward loading or delivery dates will be considered up to 90 days from the end of the month assessed. Prices for volumes loading or delivering in those 90 days that were negotiated prior to the month assessed will not be considered in the assessment, as they reflect historical not current market fundamentals.
Prices for contracts negotiated in the month assessed but for delivery over a term that spans beyond the next 90 days will not be considered in the assessment.
We are reflecting intelligent index values for the grades assessed: where specifications of actual trades differ from the index, we will seek a market consensus as to how to adjust the traded value to properly inform the index specification. Where actual trades are not available, we will assess the value of the grade by seeking a consensus of participants and considering other connected markets. Where a range is assessed for a particular grade, it reflects the range of trade for that grade in the month assessed. If there is no trade, it reflects the range within which a willing buyer and seller could close a deal. Our survey includes producers, electricity generators, marketers/traders, heavy industry endusers, and other market participants.
Commodity specifications
Petroleum Coke
Fob US Gulf coast
Low sulphur
4.5% maximum sulphur, 40 minimum Hardgrove Index
4.5% maximum sulphur, 70 minimum Hardgrove Index
High sulphur
6.5% maximum sulphur, 40 minimum Hardgrove Index
6.5% maximum sulphur, 70 minimum Hardgrove Index
Fob US west coast
Low sulphur
3.0% maximum sulphur, 45 minimum Hardgrove Index
4.5% maximum sulphur, 45 minimum Hardgrove Index
Delivered Spanish Mediterranean
4.5% maximum sulphur, 40 minimum Hardgrove Index
4.5% maximum sulphur, 70 minimum Hardgrove Index
6.5% maximum sulphur, 40 minimum Hardgrove Index
6.5% maximum sulphur, 70 minimum Hardgrove Index
Delivered Japan
3.0% maximum sulphur, 45 minimum Hardgrove Index
4.5% maximum sulphur, 45 minimum Hardgrove Index
European BTU Comparison
Prices compared on US $ per mmBTU basis and as a percent of coal on a BTU basis. BTU value of coke in calculation is 14,500 BTU's per pound, with a metric ton containing 2,204.62 pounds. BTU value of coal is 11,200 BTU's per pound.
Coal Delivered Spanish Mediterranean
Coal Delivered Northwest Europe
Hard 4.5% Coke Delivered Spanish Mediterranean
Hard 6.5% Coke Delivered Spanish Mediterranean
Hard 4.5% Coke Delivered northwest Europe
Hard 6.5% Coke Delivered northwest Europe
Coal
CAPP Nymex Specification:
Nymex specification SO2 , 12,000 Btu/lb, 1% max sulphur, fob barge on the Big Sandy, quoted for prompt month and prompt quarter.
Cif ARA:
Coal cif Amsterdam/Rotterdam/Antwerp, 6,000 kcal, 1% max sulphur, NAR delivered in next 90 days.
Fob Richards Bay:
Coal fob Richards Bay, South Africa, 6,000 kcal, 1% max sulphur, NAR delivered in next 90 days.
Fob Newcastle:
Coal fob Newcastle, Australia, 6,700 kcal, 1% max sulphur, GAD delivered in next 90 days.
SO2 Allowance Index
The SOPI index is a weekly index that tracks the market price of the Sulfur Dioxide Emission Allowances that are created and distributed through the US Environmental Protection Agency's Acid Rain programme and subsequently traded among utilities and trading companies. The "price" is simply the last brokered trade of a current-vintage allowance recorded during the week before any Monday publication date.
Crude Oil
Maya:
Fob east coast Mexico, 22° API, 550,000 bl waterborne.
ANS:
Alaskan North Slope crude, delivered US west coast, month of arrival, 27° API, 300,000 bl waterborne.
WTI/Maya Spread:
Calculated WTI premium to Maya. WTI fip Cushing, Oklahoma, rateable month, 40° API, 2,500 b/d.
Brent/Dubai Spread:
Calculated Brent premium to Dubai. Brent crude, fob Sullom Voe, first month loading, 500,000 bl, 1700 hours Houston. Dubai crude, fob Dubai, first month of loading, 400,000 bl, 1700 hours Houston. US dollars/bl.
Other Refined Products:
1% fuel oil: 1% max sulphur, 60°F max pour, 300 SSF max viscosity, 10° API min gravity. Waterborne volumes 100,000-350,000 bl, delivered New York Harbor, US dollars/bl including duty.
Asphalt, western Gulf coast:
AC-20 and AC-30 or PG 64-22 and PG 67-22. Grades used may change to include other grades as states move to various PG grades or change their primary grade. Sizes of cargoes are 35,000 bls minimum. Assessments are fob and include US Gulf coast refiners west of the Mississippi and barge sales from Madero, Mexico.
Coke percent of coal:
As of 5 February 2002 issue, this table calculates the coke price as a percent of the coal price using estimated delivered coke prices for Europe and Japan. The US values compare Nymex specification CAPP coal to fob Gulf coast coke. The ARA values compare cif ARA 6,000 kcal coal to cif ARA coke by adding the USGC to ARA freight to the fob USGC coke price. The Japan value compares the price of cif Japan 6,700 kcal coal to cif Japan coke by adding the USWC to Japan freight to the fob USWC coke price. Cfr quotes for Japanese coal are based on current freight added to fob China and fob Newcastle markets.
Coal forward curve:
Represents the level of contango or backwardation in the coal markets by charting the price for forward delivery on the day quoted.
New York BTU Comparison:
Compares the relative values of different fuels on a BTU basis. Conversions for mmBtu per unit are: diesel 5.79/bl, 0.3pc fuel oil 6.258/bl, 1pc fuel oil 6.384/bl, coal 24/short ton (12,000 btu), coke 30.86/metric ton (14,200 btu). New York 0.3% fuel oil is high pour and includes New York taxes. Coal and coke values include cost of sulphur allowances.
Spark Spread:
Indicates the relative profitability of burning various fuels in a northeastern US power plant. The spark spread is the difference between the spot power price and the cost of generating output from a given fuel based on a heat rate of 10,000.
Coal and coke adjusted for SO2 allowances:
A comparison of the true cost of coal and coke at a US electric generating plant after sulphur allowances are included. The spot price of coal and coke is adjusted for the cost of sulphur dioxide emissions, assuming the plant applies sulfur dioxide allowances at the current market price for those allowances. The SO2 index price is listed on page 1 of the report.
Light/Heavy Product Spread:
A measure of the profitability of coking. For the Gulf coast, the spread is the average of prompt 87 octane conventional gasoline and prompt diesel in Houston, less the price of 3pc sulphur fuel oil fob US Gulf coast. For the west coast, the spread is the average of prompt 87 octane CARB gasoline and prompt CARB diesel in Los Angeles, less the price of 380 cst fuel oil in Los Angeles.
US Exports of Non-Calcined Coke:
Source: United States International Trade Commission, http://dataweb.usitc.gov/.
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